The crypto market has managed to bounce back from Friday’s meltdown and has been pushing notably higher over the last 24 hours.
This has taken the value of the entire market to US$409 billion according to Coin Market Cap, up 4.9% since Friday.
Here is the state of play on Monday morning:
The Bitcoin (BTC) price is up over 3.5% since this time yesterday to US$8,773.55 per coin, lifting its market capitalisation to US$149.4 billion. Bitcoin came under significant pressure on Friday after reports emerged stating that South Korean prosecutors had conducted a search and seizure against the country’s largest cryptocurrency exchange, UPbit, on allegations of fraud.
The Ethereum (ETH) price has jumped over 9% during the last 24 hours to US$741.31 per token. This increased Ethereum’s market capitalisation to US$73.7 billion.
The Ripple (XRP) price has rocketed 9.6% higher over the last 24 hours to 75.6 U.S. cents, lifting its market capitalisation to over US$29.7 billion. Ripple was given a boost last week when its xRapid money transfer product successfully completed its first pilots. The product was able to complete an international money transfer in just two minutes and was as much as 70% cheaper than ordinary transfers.
The Bitcoin Cash (BCH) price has risen 3.8% since this time yesterday to US$1,505.06 per token. This gives Bitcoin Cash a market capitalisation of US$25.8 billion. On Tuesday Bitcoin Cash is expected to complete the Bitcoin ABC update which will increase its block size fourfold. Developers hope that this new and improved technology will lead to its use in the real world.
The EOS (EOS) price has bounced 9% higher over the last 24 hours to US$15.22. This has increased its market capitalisation to US$13 billion.
Outside the top five the gains were just as strong over the period. Litecoin (LTC) is up 4.3%, Cardano (ADA) is 8% higher, Stellar (XLM) has climbed 11.5%, IOTA (MIOTA) is 8% higher, and TRON (TRX) is the biggest mover with a 12.6% gain.
It certainly will be interesting to see if the market can build on this today. I can’t help but feel that last week’s meltdown will have spooked many traders and reminded them just how risky cryptocurrencies can be.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.